-- Connecting the dots between our economy, government and business --
At stake is the potentially millions of dollars in home equity that homeowners have lost when buyers of their delinquent taxes get ownership of the property. Also at stake is the future of the tax sale system itself, since the high court’s ruling.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
When a bank forecloses on a property, there is a myriad of actions that must be taken, ie court dates, formal filings, communications with the borrower, etc. in order to try to find a financial situation that will allow repayment. More importantly, any surplus proceeds after paying off the mortgage balance and repairs needed, sales costs, legal fees, etc. are returned to the borrower. If the IL general assembly enforces these banking rules, why would this not be applicable to tax sales? This seems ripe for corruption when an investor can come in a buy a property at potentially pennies… Read more »
Mostly corruption, preying on the weak. This is JB’s IL.
There is definitely corruption when a buyer or bank gets to keep any equity.
I would think a lien on the property till sold should be good enough.